Wage pressure still driving construction price index

According to Statistics Estonia, the change of the construction price index in the third quarter of 2017 amounted to 0.9 percent compared to the previous quarter and 1.7 percent compared to the third quarter of 2016.

In the third quarter compared to the corresponding quarter of the previous year, the construction price index was primarily affected by an increase in the costs of labour and building materials, which accounted respectively for over 64 percent and over 30 percent of the total increase of the index.

Compared to the previous quarter, the costs of building materials increased by 0.1 percent, the costs of building machines by 1.4 percent, and labour by 2.3 percent.

In the third quarter of 2017, the change of the repair and reconstruction work price index was 0.6 percent compared to the second quarter of 2017, and 1.6 percent compared to the third quarter of 2016.

The calculation of the construction price index covers four groups of buildings: detached houses, blocks of flats, industrial buildings, and office buildings.

The repair and reconstruction work price index covers office buildings. The construction price index expresses the change in expenditures on construction, taking into account the price changes of three basic inputs: labour force, building materials, and building machines.

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